Original author: JAE

As the crypto market rebounds, the stablecoin sector is experiencing an unprecedented boom. Emerging projects like Plasma, STBL, and Falcon Finance are standing out with innovative mechanisms and generous returns. Following the airdrop and online launch of $XPL and $SBTL tokens, investors flocked to buy them. Furthermore, the $FF community sale, which set a new Buildingpad record for oversubscription, is fueling the "Stablecoin Summer" trend into one of the hottest stories of the second half of 2025. In this article, PANews will cover all major platforms and provide readers with a breakdown of the mining pools of the aforementioned three projects, helping them capitalize on this "mining boom."

PANews solemnly declares that this article is only a summary of information, not investment advice, and the data in the article may differ due to changes over time.

Plasma ($XPL) has a wide selection of mining pools, taking both APR and TVL into account.

Plasma is a Layer 1 public blockchain designed specifically for global stablecoin payments. It aims to address the efficiency and cost challenges of processing large-scale, high-frequency stablecoin transactions. Its core innovation lies in its zero-fee transfer functionality. Plasma is EVM-compatible, allowing developers to deploy Ethereum-based smart contracts. It also supports custom gas tokens and a trustless Bitcoin bridge, allowing users to use BTC within smart contracts.

Plasma's project token XPL launched TGE (Token Generation Event) on September 25. Its current market value has reached US$2.8 billion, and its issued stablecoin is USDT 0.

$XPL's mining pools are mainly on 5 CEXs and PancakeSwap.

CEX mining pools offer both fixed-term and fixed-term products. Among fixed-term products, Gate offers the highest APR at 13.06%. Among fixed-term products, Bybit offers the highest APR at 400%, but only for three days. KuCoin offers the most comprehensive product selection, offering both product categories.

In addition, $XPL has a large number of mining pools on PancakeSwap, but some of them are prompted that the tokens are unverified, and the total locked value (TVL) and 24-hour trading volume are low. Only the XPL/USDT mining pool with a fee level of 0.01% on V3 has relatively impressive data, with a TVL of over US$1.7 million and a 24-hour trading volume of nearly US$57 million. The total APR (mining + LP fees) is as high as 117.73%.

There are 29 mining pools involving the stablecoin $USDT 0, distributed across 9 major DeFi protocols. They can be divided into four categories: liquidity provision (LP), borrowing, lending, and deposits. The token incentives of the mining pools are mostly still issued in the form of $XPL.

Among them, LP mining pools are the most numerous, totaling 13, distributed across the three major DEXs: Uniswap, Curve, and Balancer. Balancer accounts for nearly half of the market, offering six mining pools alone. Among the three DEXs, the WXPL/USDT 0 liquidity pool on Balancer offers the highest incentive APR, at 134.71%. When transaction fees are added, the total APR reaches 211.48%, with a TVL exceeding $4.5 million. The USDai-aUSDT liquidity pool, also on Balancer, boasts the highest TVL, exceeding $69 million, and an average APR of 14.24%.

There are 10 lending pools across four lending platforms: Aave, Euler, Fluid, and Gearbox. Users who lend USDT 0 or other designated tokens in these lending pools receive incentives. Gearbox offers the highest APY of 19%. $WXPL and $GEAR contribute 15.44% and 3.67% of the incentives, respectively. Aave carries the highest TVL at $3.49 billion, but its APY is relatively low at 8.9%.

There are four lending pools, all centralized on Fluid. While users must pay interest to the platform when borrowing UST 0, the token incentives offered by $WXPL exceed the platform's lending rate, allowing users to earn income while borrowing. The USDai-USDT 0/USDT 0 vault offers the highest incentive APR of 31.1%. After deducting the lending interest, users still enjoy a net APR of 28.34%. The syrupUSDT/USDT 0 vault has the highest TVL, nearly $85 million, but offers the lowest net APR of just 1.15%.

There are only two deposit pools, deployed through Veda and Term Finance. Veda is an official Plasma partner, helping them deploy assets to Aave. Currently, Plasma's official savings vault offers an APY of 26.07%, with $2.86 billion in USDT 0 deposits. Term Finance holds over $38 million in deposits, allocating funds to the USDT 0 yield strategies of four institutions: K3 Capital, Tulipa Capital, MEV Capital, and Shorewoods. The APY has reached 24.66%, including a 1.73% USDT 0 benchmark yield.

The STBL ($SBTL) mining pool has a high APR but is also risky and offers fewer options.

The STBL protocol, launched by the team that co-founded Tether, is building a "Stablecoin 2.0" ecosystem. The protocol's innovation lies in its three-token system with a "yield stripping" mechanism: when users deposit interest-earning RWA collateral, they receive both USST, a dollar-pegged stablecoin, and YLD (an NFT), representing future income rights. This means users can freely trade USST or deploy it in DeFi, and independently earn ongoing returns on the original collateral (such as tokenized US Treasury bonds) by holding YLD NFTs. The project token, SBTL, serves as the protocol's governance function.

$STBL launched its token airdrop on September 16, and its current market value has exceeded US$200 million.

$STBL lacks a CEX mining pool, likely due to its issuance on the BSC chain, so only Pancake Swap has listed its mining pool. Based on a comprehensive analysis of TVL and 24-hour trading volume, three pools are worth participating in. The USDC/STBL liquidity pool on V3, with a fee tier of 0.01%, boasts the highest TVL and 24-hour trading volume, exceeding $5.5 million and $39 million, respectively. The USDT/STBL liquidity pool, with a fee tier of 0.25%, offers the highest APR, reaching 1,356% (including mining and LP fees), but its TVL is relatively low, still under $1 million.

It is worth noting that the stablecoin USST has not yet been issued, and all liquidity pools related to it on PancakeSwap must pay attention to risks.

Falcon Finance ($FF) mining pool incentivizes issuance of stablecoin USDf

Falcon Finance is a DeFi platform focused on converting various collateralized assets into synthetic USD liquidity. Its core product is the synthetic USDf, which maintains its peg to the US dollar through an over-collateralized model. Unlike traditional stablecoins, USDf's collateral portfolio is more diverse, including not only stablecoins like USDC and USDT, but also volatile assets like BTC and ETH. The protocol utilizes a dynamic over-collateralization ratio and a delta-neutral trading strategy to hedge against collateral volatility and ensure USDf's stability.

Falcon Finance's project token, $FF, has yet to be issued, but it has recently generated significant buzz. Its community sale exceeded its original target by 2,821% to $112 million, setting a new Buildingpad record. The launch of $FF will likely further enhance Falcon Finance's dual-token model: $USDf provides stability and yield opportunities, while $FF promotes protocol development through governance.

As of now, the market value of $USDf has reached 1.89 billion US dollars, with an average monthly growth rate of 111.44%. It has a total of 4 mining pools, distributed on PancakeSwap and Uniswap, and token incentives are issued in the form of $USDf.

Among LP pools, the USDT/USDf liquidity pool on PancakeSwap V3 with a 0.01% fee tier has the highest APR at 15.59%, but also the lowest TVL at approximately $2 million. The USDT/USDf liquidity pool on Uniswap V3 with a 0.01% fee tier has the highest TVL at nearly $37 million. This is relatively low, resulting in the lowest APR at just 0.18%.

Across the three projects, Plasma-related pools are the most numerous, providing investors with ample options. The USDT/STBL liquidity pool on PancakeSwap V3, with its 0.25% fee tier, offers the highest absolute APR, but its TVL is low, potentially resulting in returns not covering the risks. The WXPL/USDT 0 liquidity pool on Balancer offers both a high-incentivized APR and TVL. Users seeking to borrow can choose the USDai-USDT 0/USDT 0 vault on Fluid, which offsets interest payments with token incentives and offers a positive APR.